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Foreign direct investment in India has been growing around 48 percent despite the global economic slowdown that has seen...
14/02/2016

Foreign direct investment in India has been growing around 48 percent despite the global economic slowdown that has seen FDI declining elsewhere, Commerce Minister Nirmala Sitharaman said on Monday.

"FDI in the world is falling. India is the only country where foreign investments are growing," she said at the inaugural ceremony of 'Make in India' Week.

"The government has incessantly pushed policy measures to boost manufacturing and today, FDI in India is growing at 48 percent while globally there's a sharp fall," she said.

"The global business community has responded enthusiastically to the Indian economy's revivalist fervour, and the Make in India Week will further showcase the nation's accomplishments in manufacturing and position India as an investment, innovation and manufacturing hub," she added.

The union commerce minister said the states have a significant role in building and sustaining a manufacturing revolution and they would be the drivers of development while the central government would play a catalytic role.

Commerce ministry on Wednesday expressed hope that the forthcoming union budget will incorporate the ministry's suggesti...
13/02/2016

Commerce ministry on Wednesday expressed hope that the forthcoming union budget will incorporate the ministry's suggestions on granting tax benefits for special economic zones (SEZs) towards reviving the country's exports.

Responding to queries from reporters on the sidelines of the industry chamber FICCI-organised India-Africa Agribusiness Forum on the commerce ministry's suggestions on tax issues of SEZs, Commerce Secretary Rita Teaotia said: "We hope to.. we have made our submissions."

India's merchandise exports fell for the 13th straight month in December and were valued at $22.29 billion against $26.15 billion in the like month in the previous year, as per official trade data released on Monday.

The commerce ministry has suggested the removal of minimum alternate tax (MAT) on special economic zones in the budget.

Representatives of exporting industries told the government last month that levy of minimum MAT and dividend distribution tax (DDT) on SEZs have dented the investor-friendly image of SEZs and created uncertainty in the minds of both foreign and domestic investors.

India on Wednesday said investors from Gulf countries could participate in its Rs.40,000-crore National Investment and I...
11/02/2016

India on Wednesday said investors from Gulf countries could participate in its Rs.40,000-crore National Investment and Infrastructure Fund (NIIF) set up last year to fund projects.

Finance Minister Arun Jaitley mentioned this in his meeting here with the United Arab Emirates' Economy Minister Sultan Al Mansoori, ahead of the India visit of Abu Dhabi's Crown Prince, Sheikh Mohammed Bin Zayed Al Nahyan, said a statement from the Indian finance ministry.

Both the countries also stressed on need for increasing cooperation in the fields of innovation and small and medium enterprises, the statement said.

"Both countries agreed to deepen their engagement in the area of innovation so as to harness respective capabilities in a mutually beneficial manner," it added.

The small and medium (SME) industries sector is critical for the growth of the economy and employment, Jaitley said.

"It was also decided that the respective institutions and industry associations engaged with SMEs would cooperate to harness the growth of SME sector in both the countries," the statement said.

Following a separate meeting here on Wednesday between Petroleum Minister Dharmendra Pradhan with United Arab Emirates Energy Minister Suhail Mohammed Al Mazrouei, Indian petroleum ministry said the construction of India's strategic petroleum storage in Karnataka's Mangaluru with the assistance of the UAE's Abu Dhabi National Oil Company is proceeding on schedule and will be completed soon.

13/12/2015

India imposes anti-dumping duty on steel products
NEW DELHI: India imposed five-year anti-dumping duties on stainless steel imports from China, the European Union and the United States on Friday, as the government tries to help local companies suffering from cheaper imports. The government said the duties on cold-rolled flat stainless steel products ranged from 4.6% to 57.4%. Imports from South Korea, South Africa and Thailand will also be taxed.
The move follows the government's introduction of a 20% import tax on some steel products in September, which failed to contain losses for Indian steel companies struggling to compete under large debts and high raw material costs. Firms including the Steel Authority of India, JSW Steel and Essar Steel have in recent months complained that surging imports are squeezing profitability.
"It's a welcome step because today what is hurting the Indian manufacturing sector is dumping," said Seshagiri Rao, joint managing director at JSW Steel.
The Directorate General of Safeguards, a branch of the finance ministry that can impose temporary import curbs, said on Tuesday it found prima facie evidence that increases in imports "have caused or threatening to cause serious injury to the domestic producers".
Indian trade minister Nirmala Sitharaman said New Delhi will lobby for the freedom to raise tariffs temporarily to deal with import surges at upcoming World Trade Organisation talks, which begin in Nairobi next week. Imports of iron and steel declined slightly to $6.9 billion during April-October period in the current financial year 2015/16 from $7.1 billion a year ago, Commerce and Industry Ministry data shows.

The much-awaited Goods and Services Tax (GST) can be a game changer in the days to come, feels Finance Minister Arun Jai...
02/12/2015

The much-awaited Goods and Services Tax (GST) can be a game changer in the days to come, feels Finance Minister Arun Jaitley. According to a press release, he said that the bill is the need of the hour.

"With GST, India's gross domestic product (GDP) will increase by anywhere around 1 to 1.5 per cent. There are lots of benefits of GST which includes the unified tax regime across India and reduction of black money," he said while addressing the BJP parliamentary party meeting.

"In the long run the prices would come down, so would the inflation. The growth would kick start, the jobs would increase. There will be increase in exports too. It (GST) will be a game changer," he added.

Seeking to improve basic infrastructure in urban areas, the Ministry of Urban Development today approved an investment o...
29/11/2015

Seeking to improve basic infrastructure in urban areas, the Ministry of Urban Development today approved an investment of Rs.3,120 cr for enhancing water supply, sewerage network services, storm water drains, non-motorised transport and availability of public spaces in 102 cities, under Atal Mission for Rejuvenation and Urban Transformation (AMRUT).

An inter-ministerial Apex Committee chaired by Madhusudhan Prasad, Secretary(Urban Development), approved State level Annual Action Plans for 2015-16 with an investment of Rs.438 cr for Haryana which has 18 Amrut cities, Rs.573 cr for Chattisgarh (9 cities), Rs.416 cr for Telangana (12 cities), Rs.588 cr for Kerala (9 cities) and Rs.1,105 cr for West Bengal which has 54 Atal Mission cities.

Total investment in water supply projects in 58 mission states will be Rs.2,386 cr, sewerage projects-Rs. 495 cr in 17 cities, Storm water drains- Rs.106 cr in 9 cities, Urban transport-Rs.61 cr in 9 cities and Rs.72 cr for development of parks and green spaces in all the 102 cities.

Wish to know which Indian State has secured the number one position in implementing industrial proposals during the last...
28/11/2015

Wish to know which Indian State has secured the number one position in implementing industrial proposals during the last five years? It's none other than Gujarat.

According to the recent data released by the Department of Industrial Policy and Promotion (DIPP) of Union Ministry of Commerce and Industry, Gujarat has topped amongst all states in implementation of industrial proposals during last five years.

Between the year 2010 and 2015, industrial proposals worth Rs 3,19,920 crore have been implemented across the country. Out of which, Gujarat ranks first with 36.5% contribution, by implementing industrial proposals of Rs 1,16,821 crore. It is also to be noted that according to this report, Gujarat tops in getting new investment proposals in the year 2015. The state has received investment intentions of Rs 51,108 crore (21.6% share of the total) during the period from January to August 2015.

We give you a wrap-up on the interesting and significant updates on the Indian mining sector.Coal India: Looking at util...
24/11/2015

We give you a wrap-up on the interesting and significant updates on the Indian mining sector.

Coal India: Looking at utilising underground mines more efficiently, CIL has invited bids from consultants for preparing a study on a range of issues, including raising output, as the state-owned firm gears up to meet the ambitious production target of 1 billion tonnes.

Selling off mines: The Indian Government has announced plans to offer eight coal mines for auction in January 2016 in a bid to boost production. Coal secretary Anil Swarup told media that the country aims to increase coal output to 1.5 billion tonnes this decade.

Deal finalised: Despite not signing the nuclear non-proliferation treaty, India will be allowed to import uranium from Australia for civilian purposes. The two countries finalised a deal that has been in the works for three years, with Indian Prime Minister Modi and Australian PM Malcolm Turnbull making statements on the sidelines of the G20 summit in Turkey and on social media.

India's Steel sector, a critical component of the economy, is going through a rough patch. The Government is taking step...
24/11/2015

India's Steel sector, a critical component of the economy, is going through a rough patch. The Government is taking steps to revive the Steel domain and bring it back on track.

We bring you the current challenges faced by the Indian steel sector.

Increase in imports: Imports increased by 75.5% in FY 2014-15. In the current year 2015 also, during April to September 2015, imports have increased by about 42% compared to corresponding period last year. The domestic steel prices have maintained a sharp downward trend during the period.

Growing debt: The rising debt of the steel industry is also a major concern. The share of stressed advances to the steel sector has been the highest among various sectors excluding infrastructure.

Financial crisis: Steel companies face a difficult financial situation and the net sales realisation of steel companies is decreasing due to declining prices of steel products, leading to financial strain due to reduced operating EBIDTA and profits.

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